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The ITAT affirmed that the lender and taxpayer qualify as associated enterprises under s.92A(2) (status assessed at any time during the previous year), dismissing the taxpayer's objection. The Tribunal directed benchmarking of interest on NCDs at 12.275% (including gross-up) and ordered exclusion of any portion of redemption premium already considered in prior years; adjustments to be given effect with regard to s.94B. Interest on foreign-currency CCDs was held at arm's length as paid below SBI PLR, so the AO/TPO's TP adjustment was deleted. Voluntarily disallowed CCD interest under s.40(a)(i) need not be bench-marked. No s.14A disallowance where no exempt income arose. Unabsorbed depreciation to be recomputed chronologically and demerger claims verified under s.72A. Notional interest addition deleted.
The ITAT affirmed that the lender and taxpayer qualify as associated enterprises under s.92A(2) (status assessed at any time during the previous year), dismissing the taxpayer's objection. The Tribunal directed benchmarking of interest on NCDs at 12.275% (including gross-up) and ordered exclusion of any portion of redemption premium already considered in prior years; adjustments to be given effect with regard to s.94B. Interest on foreign-currency CCDs was held at arm's length as paid below SBI PLR, so the AO/TPO's TP adjustment was deleted. Voluntarily disallowed CCD interest under s.40(a)(i) need not be bench-marked. No s.14A disallowance where no exempt income arose. Unabsorbed depreciation to be recomputed chronologically and demerger claims verified under s.72A. Notional interest addition deleted.
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